A Deep Dive into the Metaverse
The Metaverse Industry is expected to be worth USD 700 billion by 2030, with a compound annual growth rate (CAGR) of 39.4% between 2021 and 2030.
Key players in the Metaverse industry include Meta, Microsoft, Nvidia, Roblox, Snap Inc, and Unity. In 2021, the media and entertainment industry took the lion’s share of the Metaverse market (31.4%), followed by BFSI (28.3%) and retail (21.9%). In terms of applications, gaming reigns supreme with 45.6% of the market, followed by social media (20.6%) and content creation (13.5%). Key technologies driving the Metaverse include blockchain, AR/VR, AI/ML, IoT, cloud, and 5G.
The Metaverse ecosystem includes applications such as personalization, virtual economy, social engagement, and product design and development. North America has the largest share of the Metaverse market at 71.9%, followed by Europe at 10.3%. The Metaverse industry is expected to continue to grow due to the rise in media and entertainment consumption, global business digitalization, the emergence of cryptocurrency and NFTs, the emergence of digital twins, growing investment in virtual worlds, and the increased use of extended reality devices. Service providers can offer a range of services, including consulting, software testing, avatar development, virtual spaces development, crypto wallets, payment gateways, app development, targeted marketing, custom development, game/animation design, and virtual event platforms.